Finance and Planning Minister Amir Khosru Mahmud Chowdhury on Tuesday said the country’s financial sector would operate independently, assuring that there would be no political interference in investment and loan allocations.
“The government will not interfere in the financial sector. There will be no political meddling in the investments. This is a clear and firm decision from the government and the Prime Minister,” the Minister said while speaking as the chief guest at the launch of the inaugural fund of the Bangladesh Startup Investment Company (BSIC) at a city hotel.
Marking a historic shift in the country's entrepreneurial landscape, 39 commercial banks have jointly launched BSIC, Bangladesh’s first institutionally managed venture capital platform.
With an initial capital of Tk 425 crore, the platform aims to reduce the startup ecosystem's heavy reliance on foreign funding.
Minister Amir Khosru said Bangladesh is entering a new stage of economic transformation where productivity, technology, and private-sector innovation will be the primary growth drivers. “BSIC reflects our confidence in the potential of young entrepreneurs to build globally competitive institutions,” he added.
Bangladesh Bank Governor Md. Mostaqur Rahman emphasised that the next phase of development requires institutions that uphold discipline, transparency, and accountability.
From July, all business establishments must implement Bangla QR code for transactions to boost digital inclusion.
In addition to the banks' initial Tk 425 crore investment, Bangladesh Bank will provide an additional Tk 500 crore as a refinancing fund for venture capital.
The fund was formed by banks contributing 1 percent of their net profits from the last five years.
This will be a continuous investment cycle covering Seed, Late Seed, and Series-A rounds.
BSIC Chairman and Managing Director of City Bank PLC, Mashrur Arefin, said while Bangladesh’s startup sector has raised over $1 billion since 2010 through 450+ deals, less than 7 percent of that capital came from domestic sources.
“BSIC is not just a fund; it is an institutional platform bridging local trust with global venture standards,” Arefin said, adding that the facility will extend beyond tech startups to include small and medium enterprises (SMEs).
The event saw participation from high-profile international venture capital firms, including Wavemaker Partners (Singapore), 500 Global, ADB Ventures, and Sturgeon Capital, among others.
To ensure global standards, Sami Ahmed, former General Partner at B Capital, has been appointed as an advisor to the BSIC board.
BSIC announced that it aims to complete its first three investments before the end of 2026.
The company plans to appoint a Managing Director and a Chief Investment Officer by the third quarter of this year to streamline its investment committee.
Experts believe this organised entry of domestic banks into the venture capital space will strengthen corporate governance and make local startups more attractive to foreign partners.